We are pleased to share the majority recapitalization of our client, Oceanwide Repair, with Fletch Equity (Fletch). The Fletch team will be partnering with the founders of Oceanwide to grow the company’s capabilities, scale and geographic footprint. The acquisition closed January 18, 2023.
Located in Long Beach, California, Oceanwide Repair (Oceanwide) provides marine ship repair services for a variety of vessels from tugboats and barges to very large oil tankers, bulk carriers, passenger ships, and container ships. Revenue is derived from structural steel repairs, piping repair and fabrication, mechanical and rigging, underwater hull repair, and other critical services.
The company serves diversified markets including commercial vessels, US Maritime Administration (MARAD), Military Sealift Command (MSC), and related entities. Oceanwide is the largest ship repair force in the Long Beach/Los Angeles, CA Port area, with Repair facilities also in Oakland/San Francisco, CA and recently opened in Tacoma /Seattle, WA. The Company offers a 24-hour Emergency Ship Repair Service to complete necessary repairs in the given time frame.
Fletch Equity, located in Los Angeles, California, is a private equity group that invests in and partners with family and entrepreneur-owned businesses in the U.S. and Canada. Their founding team has collectively spent 40 years executing buy-and-build strategies in the lower middle market developing valuable businesses across a wide range of industries including business and consumer services, industrials, transportation and healthcare services.
Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham, and his team, led by Managing Director, M&A, Mike Meredith, successfully closed the deal.
“Fletch Equity looks forward to working with the sellers to expand the Company over the next several years,” said Meredith.
If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Manufacturing & Fabrication M&A Deals page.
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